Phenylephrine Hydrochloride Market - By Application (Nasal Decongestion, Cold, Hypotension, Allergic Reaction, Eye Diseases), Mode (In-house, Contract), Use (Human, Veterinary) Global Forecast, 2023 - 2032

Phenylephrine Hydrochloride Market - By Application (Nasal Decongestion, Cold, Hypotension, Allergic Reaction, Eye Diseases), Mode (In-house, Contract), Use (Human, Veterinary) Global Forecast, 2023 - 2032

Phenylephrine Hydrochloride Market size is poised to expand at 7.7% CAGR from 2023-2032, driven by the surge in the number of allergies and environmental sensitivities worldwide. With more individuals experiencing allergic reactions to environmental factors, the demand for effective decongestant medications containing phenylephrine hydrochloride is rising. The ability to alleviate nasal congestion associated with allergic response is contributing to the increasing adoption of phenylephrine hydrochloride in the production of allergy relief formulations.

Furthermore, the ongoing R&D efforts aimed at improving formulations and delivery methods for medications containing phenylephrine hydrochloride are projected to propel market growth. To cite an instance, in May 2023, Eyenovia, Inc. received approval from the U.S. FDA for its Mydcombi, a 1%/2.5% tropicamide and phenylephrine hydrochloride ocular spray used in mydriasis for diagnostic procedures and in cases with desired short-term pupil dilation.

The phenylephrine hydrochloride industry is segmented into application, mode, use, and region.

As per mode, the market share from the contract manufacturing segment is anticipated to record 7.9% CAGR from 2023-2032. Contract manufacturing offers pharmaceutical companies a strategic approach to streamline production and optimize costs. Additionally, outsourcing the manufacturing processes to specialized contract manufacturers ensures efficient production, quality compliance, and scalability. This mode also allows pharmaceutical firms to focus on R&D activities while leveraging the expertise of contract manufacturers for timely and cost-effective production of phenylephrine hydrochloride-based medications.

In terms of application, the phenylephrine hydrochloride industry from the allergic reaction segment generated substantial revenue in 2022 and is poised to depict 7% growth rate from 2023 to 2032. This can be attributed to increasing use in medications for relieving nasal congestion associated with allergic reactions. The rising prevalence of allergies, environmental factors, and the changing lifestyles is also surging the need for pharmaceuticals containing phenylephrine hydrochloride, thereby fueling the segment growth.

Regionally, the Asia Pacific phenylephrine hydrochloride market is anticipated to exhibit 8.1% CAGR from 2023-2032 driven by the expanding pharmaceutical and healthcare sectors. The rising prevalence of respiratory conditions and the incessant need for decongestant medications is leading to the increased demand for phenylephrine hydrochloride. Additionally, the rising population, urbanization, and the changing lifestyles across major APAC countries are fueling the preference for over-the-counter medications, further boosting the regional industry outlook.